The UK signed on as a founding member of the new World Bank giving it legitimacy and it looks as if New Zealand and Australia will join them. Twenty-one other countries have signed on as well. The US has been in unchallengeable control of the current World Bank and the world banking system since 1944 and criticized the UK for becoming a member. This will greatly reduce US control of world banking. Now the world has another option to wire money from one place to another and cannot be pressured by the US with a threat of their wiring privileges being taken away, if they don’t do what the US wants. This is a clear sign that the world no longer views the US as the dominant economic super power and has had enough of the US refusal to yield some of their control of the IMF and the current World Bank. The world now has another option and the signers don’t care what the US thinks about it.
U.K. to Join China-Backed Development Bank (3-13-15) WSJ
UK support for China Backed Asia Bank Prompts US Concern (3-13-15) BBC